AgentsGather’s Post

Curious about the new NAR lawsuit rules for the real estate industry and what they mean to you as a consumer? We have attached a link from the National Association of Realtors briefly explaining what the new changes are. https://lnkd.in/ekf6Fk5U Let us know what questions you might have!

The current real estate commission lawsuits are failing to benefit consumers in a meaningful way as they don't change the way agents sell properties. With 50% of Realtors selling zero or only one property a year there's no incentives for them to lower commission. The manual labor and "on call" aspect of real estate sales is a hidden cost passed down to all consumers. #Realestatelawsuits #commissionlawsuits #Realtorlawsuits

Have you heard about the big real estate commissions lawsuit? The case has been ongoing for quite some time, but this recent ruling with a massive $1.8 billion in damages has brought it back to public attention. The implications in this decision for agents and brokerages, home buyers and sellers, and the industry as a whole are significant. It's a reminder of the evolving nature of real estate and the importance of staying informed about legal changes that can impact the way we do business. Stay tuned for more updates. #realestatenews #narlawsuit #phoenixrealestate #scottsdalerealestate #paradisevalleyrealestate #realestateexpert

Making sense of the real estate commissions lawsuits: Per the NAR settlement terms that were agreed upon to settle the Sitzer-Burnett case, the changes, which are expected to be implemented mid-July this year, mandate that buyer agents negotiate commission terms directly with their buyers and have a representation agreement in place prior to showing homes. These are new facets in the buyer representation process. Not only will agents have to learn a new process and raise their game at these new turn points, but the structural change - moving from a world where the buyer agent commission is built into the transaction to one where it will have to be asked for, and twice - will have a significant impact on commission rates, types of representation, new models, etc. While I believe this will be a bumpy road for the industry in transition, ultimately, if handled correctly, both consumers, agents, and also the industry will be healthier and better off for it. #RealEstate #RealEstateCommissions #NARSettlemen #BuyerAgents #RealEstateIndustry

A recent verdict found that the National Association of Realtors (NAR) conspired to inflate commissions paid to homebuyers’ real estate agents, sparking a national debate over agent commission fees. A federal civil jury determined that NAR and its co-defendants (some of the largest real estate companies in the country) owed almost $1.8 billion in damages to the plaintiffs, a class of buyers of real estate properties. In our latest blog post, Solal Wanstok discusses the facts of the case and how the verdict could bring significant changes to real estate agents’ commissions https://lnkd.in/eNXTGqHt #realestate #realestatecommission #NARlawsuit

Toronto Home Buyers/Sellers Have Every Reason To Be Upset Ontario's new Trust In Real Estate Services act allows a real estate brokerage to do something that prior to Dec 1, 2023, had been illegal. A brokerage is now allowed to have it's employees (agents at the brokerage) act for buyers to negotiate against the interests of the brokerage's selling clients. It's called designated representation, and it scares the daylights out of me. The real estate brokerage industry is already under legal siege. $1.76 billion in damages awarded in a recent US based lawsuit, and a new class action popping up seemingly every week. What are we doing passing this type of legislation? Interested readers are invited to explore the legalities of designated representation in this blog post by Douglas R. Miller, an attorney and real estate broker himself - https://lnkd.in/gjRXSaGr Paul Bates, John Syme, Garth Myers, Ridhima Pathak, Gordon Kallio, Michael Kades, Ellen Roseman

🏡 The National Association of Realtors (NAR) lawsuit settlement is currently the talk of the town in the real estate industry. A landmark ruling has emerged, mandating that real estate agents need to have signed agreements with buyers to represent them effectively. Furthermore, it dictates that listing agents cannot disclose the fee split offered to the buyer's agent on the MLS. Since the announcement, I've been inundated with questions about how this pivotal change might impact my business operations. Here's the thing - it won't. My team and I have always upheld the highest standards of professionalism and transparency. Securing agreements from those we represent has been a cornerstone of our practice, ensuring that every party is clear about the terms of our relationship from the get-go. Additionally, we have never resorted to publicizing our commission splits. This ruling, in many ways, aligns with our longstanding approach to real estate transactions. It reinforces the importance of clarity, mutual agreement, and respect in every professional relationship we build. So, to all our clients past, present, and future, know that our commitment to your best interest remains unwavering, no matter how the industry standards evolve. #RealEstate #NARSettlement #ProfessionalismInRealEstate #Transparency #ClientFirst #KWCIG

What is the NAR Settlement? 🏠 The National Association of Realtors (NAR) settlement stems from class-action lawsuits challenging traditional commission structures. Effective August 17, 2024, this settlement aims to create more transparency in real estate transactions. Here’s what you need to know: 🔍 For Buyers: You’ll sign a contract with your agent before touring homes, and negotiate commissions directly. The cost of the agent’s fee might become part of your offer negotiation. 🏡 For Sellers: You now have more control over commission costs and must explicitly approve any offer to pay the buyer’s agent. Why choose the Alvarez Schonbrun Group? With our extensive experience and professional services, we’re here to guide you through these changes and ensure your best interests are protected every step of the way. 🚀 #NARSettlement #RealEstateChanges #BuyerTips #SellerTips #RealEstateAdvice #AlvarezSchonbrunGroup

Here are the key points you need to know: Assessment of Impact: Texas REALTORS® is actively evaluating how this settlement could affect ongoing litigation in Texas, our organizational policies, and the documents we use in real estate transactions. Compliance and Transparency: Should the settlement receive court approval, Texas REALTORS® is committed to ensuring compliance with its terms. We are particularly focused on issues related to client representation and broker compensation, striving to address them transparently and effectively. Commission Negotiation: It's crucial to dispel any misconceptions about standard commissions. Before and after this settlement, commission fees and compensation structures have always been subject to negotiation. This settlement does not change that fundamental aspect. The Role of REALTORS®: In today's competitive real estate market, the expertise and advocacy of REALTORS® are more valuable than ever. Whether you're buying or selling, having a knowledgeable professional by your side can make all the difference in navigating complex transactions and securing the best possible outcome. Rest assured, as your dedicated real estate advisor, I am here to keep you informed every step of the way. #narlawsuit #narupdate #news #dallasnativeteam #realestate #texasrealestate

One suggestion I always make to my buyer clients is to do your due diligence on a property you plan to make an offer on. Building permits are all public records, so you can get a good history and background on a property by looking into the history of a home before meeting with a real estate attorney. #duediligence #homebuying #buyertips #realtortips #buyersagent #buyingandselling #bostonrealestate #bostonma #cohassetma #bebemccarronrealestate